The growth of the geomarketing market is being driven by the growing adoption of geomarketing by retail and e-commerce companies. Geomarketing allows a firm to identify their competition, optimise commercial network, identify new business opportunities, reach the target audience efficiently, and timely and increase the sale of a company. The growing expansion of small, medium, and large enterprises is likely to be a major growth driving factor for the market. The growing need to improve the client experience in order to build a good reputation of a firm is likely to augment the market growth during the forecast period.
In June 2021, Amazon Web Services (NASDAQ:AMZN) made an announcement that the company is all set to make Amazon location service generally available. Amazon location service has been designed to facilitate various technological functions, such as asset tracking and geomarketing, among others.
In terms of region, the Asia Pacific region is likely to account for a significant share of the market owing to the increasing number of software engineers, marketing professionals, public relation officers, and salesmen across emerging economies such as India and China. The penetration of internet of things (IoT), rising population, thriving travel and tourism industry in the region are some of the factors which are anticipated to drive the market growth in the forecast period.
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The major players in the market are Google LLC, Microsoft Corporation, International Business Machines Corporation, Cisco Systems, Inc., and Oracle Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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